Richard Cohen steps down at Trinity, takes on new role at Fung Group

Richard Cohen, a veteran of men's wear, has stepped down as chief executive officer of Trinity Ltd., and will be taking on a new role at Trinity parent group Fung Group.

On Friday, Trinity revealed that Cohen had stepped down from his role, and will be succeeded by Jeremy Paul Egerton Hobbins effective Monday, June 6. Hobbins currently serves as director of various companies within the group.

Trinity has stated that Cohen's departure at the company is amicable.

“Mr Cohen has confirmed that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company,” Trinity said in a statement.

Cohen has more than 40 years of experience in fashion business. He is the former president of Ermenegildo Zegna North America for 16 years. He has also held stints at Talbots, St. John, and Saks Fifth Avenue.

As a company, Trinity has been struggling financially over the past few years due to the weakening market in Asia. The company posted a net loss of 11.45 million dollars for the year ended December 31 as sales slid 27 percent to 244.51 million dollars. Profits and revenue also slid in 2013 and 2014.

Hobbins has been with Fung Group since 1999, and has held numerous positions at the company's subsidiaries including Fung Holdings, Fung Retailing, and Convenience Retail Asia Limited. In the past, Hobbins has held roles at Campbell Soup Company, Procter & Gamble, Hutchison Whampoa, and Cadbury Schweppes.